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New Disclosure Opportunity (NDO) – tell the Revenue now

Posted by: admin on October 27th, 2009

HM Revenue & Customs (HMRC) is using its legal powers to obtain information about holders of offshore accounts from all UK banks and financial institutions.

There is, of course, nothing wrong with holding an offshore account or owning an offshore asset as long as you have paid any tax due on the capital invested and on any interest arising on the account or on any income received relating to the asset.

In 2007 HMRC operated the Offshore Disclosure Facility to give the offshore account holders with five major UK banks the opportunity to put their tax affairs in order. HMRC now want to encourage the customers of other financial institutions with unpaid tax and/or duties connected in any way to offshore accounts or assets to pay what they owe. HMRC are therefore introducing the New Disclosure Opportunity (NDO) to help them get their tax affairs up to date.

This is the final opportunity for customers with offshore accounts or assets. HMRC will not offer preferential terms to offshore account and asset holders in the future.

You must have notified before the 30 November 2009 to be able to go on and disclose.

At the end of the notification period, HMRC will target those with offshore bank accounts and undeclared tax liabilities who have chosen not to come forward to make a disclosure.

Filed under: HMRC campaigns, Tax